Australian National Accounts: National Income, Expenditure and Product (Media Release)

MEDIA RELEASE

5 September 2012

Embargo: 11.30 am (Canberra time)

137/2012

Australian economy grows 0.6%

Latest ABS figures show that GDP, in seasonally adjusted volume terms, grew 0.6% in the June quarter 2012, after a revised increase of 1.4% in the March quarter.

Growth for the quarter was driven by a 0.6% contribution from final consumption expenditure and a 0.3% contribution from net exports. Theses increases were partially offset by a -0.3% contribution from changes in inventories and a -0.1% contribution from dwelling investment.

The industries that drove growth in the March quarter were Wholesale trade, Transport and Professional and scientific and technical services, each contributing 0.1% to growth in GDP.